Nigeria’s gig economy has grown into a major pillar of livelihood, now valued at about $5.17 billion, representing 2.8 per cent of the nation’s Gross Domestic Product, with roughly three million participants relying on digital platforms for income.
This was disclosed in a new report unveiled at the launch of Bolt’s flagship Gig Economy Report, conducted in partnership with Ipsos, at the Radisson Blu Hotel in Ikeja, Lagos. The report comes against the backdrop of a labour market where over 92 per cent of employed Nigerians operate within the informal sector, with increasing dependence on flexible, platform driven jobs.
Findings from the report show that gig work has evolved beyond a side hustle into a primary source of income for many Nigerians, particularly among the youth facing limited access to formal employment. Ride hailing alone accounts for 24 per cent of participation, ranking just behind e commerce, while nearly six in ten workers remain active on platforms for over a year, underscoring sustained reliance.
Senior General Manager, West Africa at Bolt, Teddy Appa Dankyi, noted that flexible earning opportunities are now central to how Nigerians navigate economic realities, enabling workers to diversify income streams and manage financial uncertainty.
The report further highlights how digital platforms are reshaping economic inclusion and living standards. About 64 per cent of respondents reported significant improvement in their standard of living, while another 31 per cent recorded slight gains after joining gig platforms.
In addition, over 85 per cent of ride hailing transactions are now cashless, expanding access to financial services such as banking, credit facilities, and digital tools. Head of Regulatory and Policy for Bolt Africa, Weyinmi Aghadiuno, stressed the need for collaboration among stakeholders to ensure the sector remains inclusive, sustainable, and beneficial to a broader segment of the population.
Despite its rapid growth, stakeholders at the event acknowledged existing challenges, including gender imbalance and rising operational costs. The report shows that men dominate the sector with 96 per cent participation, leaving women significantly underrepresented. Drivers also continue to grapple with high fuel costs and profitability pressures, even as platforms introduce incentives to cushion the effects.
Speakers at the event maintained that while the gig economy has become a critical shock absorber for Nigeria’s workforce, absorbing those excluded from formal employment, there is an urgent need for balanced regulation, including driver accreditation, vehicle inspection, and digital monitoring systems, to support its long term growth.